TD Bank app has been updated to use new payment service
TD Canada Trust has beaten both Apple and Samsung in launching a new mobile payments service in Canada. The company has launched its own payments platform in an effort to better connect with mobile consumers that rely heavily on their smartphones and tablets. The service is part of the TD Bank application, which is now available for Android devices. Those with TD Canada Trust Visa cards can now use the app to connect to sales terminals throughout the country, allowing them to pay for products they are interested in.
Host Card Emulation expands accessibility of TD Bank app
Canada does have other mobile payments services available to consumers, including UGO and Suretap. The TD Bank app, however, makes use of Host Card Emulation, which means that even those without NFC-enabled mobile devices can use their phones to purchase products. NFC-enabled devices have become more common, but many consumers till lack such devices. In the past, this meant that they could not participate in mobile commerce, but this is no longer the case due to Host Card Emulation.
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Apple and Samsung may face serious competition when they bring their payment services to Canada
Both Apple and Samsung have been working on breaking into the Canadian market, especially due to the rising demand for mobile payments services. The companies have already brought their services to other markets, where mobile commerce has been growing aggressively. Competition is growing more fierce, however, as companies like TD Canada Trust are launching their own payment services. Establishing a foothold in the mobile market will give TD Canada Trust a competitive edge for the eventual launch of Apple Pay and Samsung Pay in Canada.
Visa’s tokenization system is now a part of the TD Bank app
Adding to the features of the updated TD Bank app is the use of Visa’s tokenization system. This system is designed to replace consumer financial information with digital tokens, all of which are unique to the user. These tokens can then be used to authenticate a transaction, adding a new layer of security to the mobile payments space that will protect consumers.